Body part insurance ‘relatively uncommon’
March 6, 2008 by admin
Filed under News, News-Insurance
It is “relatively uncommon” for an everyday consumer to insure a body part that their livelihood may depend on, one insurance expert has claimed. 
The British Insurance Brokers’ Association (BIBA) said it is a very limited market and that those who want this sort of product would have to go to a specialist insurer.
Peter Staddon, head of technical services for the BIBA, said that insurance in this field usually covers a person for any scarring and disfigurement that may prevent an individual from working, such as a hand disfigurement preventing a carpenter or sculptor from earning a living.
He said: “If you get somebody who’s got an annual income, of, say, a quarter of a million pounds, you can justify them insuring themselves for one or two million.
“If you’ve got somebody who’s annual income is £10,000, it’s difficult to justify a £2 million life policy.”
Meanwhile, the Telegraph reported that many celebrities have various parts of their body insured as that is their livelihood.
Pop star Bruce Springsteen recently took out cover for his voice worth $3 million (£1.5 million).
